Icelandic Recycling Fund
The Recycling Fund is a state-owned agency, responsible to the Minister for the Environment. In order to ensure the best possible outcome of agency activities, its Board is composed of the representatives of those who have the greatest interest in waste handling being as efficient as possible, i.e. representatives of municipalities and the commercial sector.
The five directors on the Recycling Fund Board are appointed by the Minister for the Environment for four-year terms. The Minister appoints the Board Chairman without a nomination, along with one director upon a mutual nomination by the Federation of Icelandic Fish Processing Plants and the Federation of Icelandic Fishing Vessel Owners, one director from the Federation of Icelandic Industries, one director from the Federation of Trade and Services and one director from the National Association of Local Authorities in Iceland.
The Fund applies economic incentives to establish practical arrangements for processing waste, which means providing the monetary prerequisites so that businesses in the market will realize the benefit of involving themselves in the processing programme. It is for this reason that the Fund contracts out waste processing, based on tenders or task contracts, and uses the recycling fee to pay the expenses.
The Icelandic Recycling Fund has a staff of five people.